Poland GTC signs power purchase agreement

Westbridge advised on the transaction.

Under the agreement, GTC will receive an agreed allocation of electricity over a specified period from a specified source. The deal stipulates that the power will be 62 pct renewable, sourced directly from its suppliers (including solar and wind farms). The remaining electricity will be purchased offset, with a guarantee of origin, on the Polish Power Exchange.

Energy is one of the dominant cost items faced by tenants and owners of commercial buildings. The agreement we have signed reduces electricity costs and limits price risk, providing greater security for the users of our properties. Purchasing energy that in large part genuinely comes from renewable sources is also an important step towards decarbonising GTC’s property portfolio in Poland. This initiative fully aligns with our ESG strategy and the expectations of our stakeholders.

Witold Rafalski, head of asset management at GTC in Poland

In Poland, GTC currently manages a portfolio of 16 office buildings with a total area of ​​nearly 200,000 sqm in both Warsaw and Poland's regional cities. Additionally, the company owns the Galeria Północna shopping centre in Warsaw and Galeria Jurajska in Częstochowa.